Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.48%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.76%
baseline attrition
Rally response
-4.95%
trims into rallies
when a holding rises +10%+
Top positions · 29
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DNTHDianthus Therapeutics, I | $163M | 18.1% | +362.6% | 2.8 yr |
| COGTCogent Biosciences, Inc. | $90M | 10.0% | +542.6% | 1.8 yr |
| ABVXAbivax S.A. | $75M | 8.3% | +1681.6% | 1.3 yr |
| ALMSAlumis Inc. Common Stock | $62M | 6.9% | +258.8% | 0.5 yr |
| DFTXDefinium Therapeutics, I | $46M | 5.1% | — | 0.3 yr |
| AVBPArriVent BioPharma, Inc. | $45M | 5.0% | +24.8% | 2.3 yr |
| TSHATaysha Gene Therapies, I | $40M | 4.4% | +221.6% | 3.3 yr |
| KYMRKymera Therapeutics, Inc | $35M | 3.9% | +204.3% | 1.3 yr |
| MIRMMirum Pharmaceuticals, I | $31M | 3.5% | +105.1% | 1.0 yr |
| BIOABioAge Labs, Inc. | $31M | 3.4% | +365.2% | 0.5 yr |
| CNTACentessa Pharmaceuticals | $30M | 3.3% | +176.2% | 3.3 yr |
| KALVKalVista Pharmaceuticals | $29M | 3.2% | +74.4% | 1.5 yr |
| XENEXenon Pharmaceuticals In | $28M | 3.2% | +73.3% | 0.3 yr |
| TERNTerns Pharmaceuticals, I | $28M | 3.1% | — | 0.8 yr |
| OCULOcular Therapeutix, Inc. | $27M | 3.0% | +15.6% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology95.0%+1.5pp$858M
Unknown4.7%-0.8pp$42M
Medical - Devices0.4%-0.6pp$3M
Country
US80.0%+2.0pp
FR8.3%+6.7pp
Unknown4.7%-0.8pp
GB3.3%-3.9pp
CA3.2%
NL0.5%-4.7pp
Top 5: 48.4% · Top 10: 68.6% · Top 25: 98.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DNTH | $42M | +0.15B | 362.6% |
| ABVX | $8M | +0.13B | 1681.6% |
| COGT | $17M | +0.09B | 542.6% |
| CNTA | $20M | +0.04B | 176.2% |
| TSHA | $15M | +0.03B | 221.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GOSS | $20M | -0.01B | -70.1% |
Top buys this quarter · 11
| DFTX Definium Therapeutics, Inc.new | +$46M |
| MIRM Mirum Pharmaceuticals, Inc. | +$29M |
| XENE Xenon Pharmaceuticals Inc.new | +$28M |
| AKTS Aktis Oncology, Inc.new | +$17M |
| CNTX Context Therapeutics Inc.new | +$14M |
| ALMS Alumis Inc. Common Stock | +$7M |
| OCUL Ocular Therapeutix, Inc. | +$27M |
| KALV KalVista Pharmaceuticals, Inc. | +$4M |
| BIOA BioAge Labs, Inc. | +$3M |
| — | +$18M |
Top sells this quarter · 15
| DNTH Dianthus Therapeutics, Inc. | −$100M |
| TRVI Trevi Therapeutics, Inc. | −$16M |
| PHVS Pharvaris N.V. | −$14M |
| IRON Disc Medicine, Inc. | −$9M |
| KYMR Kymera Therapeutics, Inc. | −$9M |
| 0SZI.L Corbus Pharmaceuticals Holdingexit | −$9M |
| ABVX Abivax S.A. | −$9M |
| EVMN Evommune, Inc. | −$8M |
| CATX Perspective Therapeutics, Inc. | −$6M |
| LXEO Lexeo Therapeutics, Inc. Commo | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $904M | 29 | +165.76% | +17.59% | +148.17% | -0.02B |
| 2025-12-31 | $799M | 26 | +84.24% | +17.72% | +66.52% | -0.08B |
| 2025-09-30 | $640M | 25 | +25.16% | +17.52% | +7.64% | -0.06B |
| 2025-06-30 | $455M | 29 | -18.45% | +14.94% | -33.39% | -0.06B |
| 2025-03-31 | $477M | 35 | -41.39% | +8.30% | -49.69% | +0.01B |
| 2024-12-31 | $587M | 30 | -22.18% | +24.89% | -47.07% | +0.04B |
| 2024-09-30 | $592M | 39 | +11.27% | +36.04% | -24.77% | +0.03B |
| 2024-06-30 | $563M | 43 | -26.18% | +24.49% | -50.68% | -0.05B |
| 2024-03-31 | $792M | 55 | +6.53% | +29.62% | -23.09% | +0.17B |
| 2023-12-31 | $585M | 32 | +14.59% | +26.18% | -11.59% | -0.13B |
| 2023-09-30 | $536M | 34 | -24.66% | +21.57% | -46.23% | +0.06B |
| 2023-06-30 | $709M | 39 | +41.42% | +19.42% | +22.00% | -0.07B |
| 2023-03-31 | $693M | 35 | +6.64% | -7.82% | +14.46% | -0.04B |
| 2022-12-31 | $642M | 32 | -12.36% | +7.56% | -19.92% | +0.13B |
| 2022-09-30 | $579M | 35 | +25.44% | -4.93% | +30.37% | +0.11B |
| 2022-06-30 | $375M | 20 | -15.24% | -16.11% | +0.87% | -0.02B |